"Leveraged funds increased their bearish bets against the EUR by 19k contracts (worth USD3.1bn), bringing their total net short position to 68.2k (USD11.5bn). This is the largest short position since November 2012. It is notable that this large shift comes after five weeks of relatively stable positioning, indicating renewed bearishness on the euro’s outlook."

"Of course, the more bearish view on the EUR could also reflect a more positive outlook on the USD. Net short positions against the greenback have been reduced by USD3.0bn to USD0.5bn."

"For the second consecutive week, yen saw the largest net buying, further reducing overall JPY net short positions by 8.5k contracts (worth USD1.0bn) to 45.2k (worth USD5.6bn). However, the shifts in positioning have once again failed to elicit a move in USD/JPY, which continues to trade within a tight range."

"Net long positions in GBP have been reduced for the fourth consecutive week. This is possibly an indication that leverage funds see limited scope for further gains in sterling, and are actively unwinding their net long exposure, which still remains large at 102.6k contracts worth USD10.9bn."

"Positioning in NZD was reduced slightly ahead of the RBNZ decision on 24 July. The sharp decline in the NZD following the RBNZ decision suggests a sharp unwinding of long positions occurred. There were only minor changes to AUD positioning, which was reflected in the AUD/USD’s movements during that period."

"Net long non-commercial position in gold rose by 6.5k contracts to 166.7k. Net long positioning in WTI crude oil fell by 9.9k contracts to 390k. This is the fourth consecutive weekly decline in oil positioning since it reached historic highs in late June."